In just a few days, the Social Security Administration will be sending out new checks to retirees and other beneficiaries. These payments will include a cost-of-living adjustment (COLA) increase, making them larger than last year’s checks. This guide will help you understand what to expect and how to make the most of your Social Security benefits.
COLA Increase for 2024
What is the COLA?
The COLA, or Cost of Living Adjustment, is an annual increase in Social Security benefits to help keep up with inflation. For 2024, the COLA is 3.2%, which means your July payment will be larger than the payment you received last year.
Who Gets the COLA Increase?
All Social Security beneficiaries will receive the COLA increase automatically. You don’t need to do anything extra to get this increase. It will be included in your check whether you’re receiving retirement benefits or Supplemental Security Income (SSI).
New Maximum Social Security Payments
Maximum Payments by Age
- Age 62: The maximum monthly payment for retirees at age 62 is $2,710.
- Age 67: The maximum monthly payment for retirees at age 67 is $3,822.
- Age 70: The maximum monthly payment for retirees at age 70 is $4,873.
Not all retirees will receive the maximum amount. Your payment depends on your earnings history and the age at which you start receiving benefits.
Upcoming Social Security Checks
Payment Dates in July
The Social Security Administration will send out checks on July 10th, 17th, and 24th. The exact date you receive your payment depends on your birthday and when you started receiving benefits. If you applied for retirement after May 1997, you will receive your check on one of these dates.
Who Receives Payments on These Dates?
- July 10th: Payments for those born between the 1st and 10th of any month.
- July 17th: Payments for those born between the 11th and 20th of any month.
- July 24th: Payments for those born between the 21st and 31st of any month.
Who Can Apply for Social Security?
Eligibility for Retirement Benefits
Workers who have contributed to the Social Security system through payroll taxes during their working years are eligible to apply for retirement benefits. You can apply for these benefits when you reach the retirement age set by the government.
Disability Benefits
If you become disabled and are unable to work due to a severe medical condition, you may qualify for Social Security disability benefits. These benefits provide financial support when you can no longer work.
Benefits for Surviving Spouses and Children
Surviving spouses and minor children of deceased workers are also eligible for Social Security benefits. This financial support helps families during difficult times after the loss of a loved one.
Understanding your Social Security benefits is important for maximizing your income during retirement. The 2024 COLA increase will help keep up with inflation, ensuring you get a bit more in your checks this year. Keep track of your payment dates and know your eligibility to make the most of your benefits.
What is the COLA increase for 2024?
The COLA increase for 2024 is 3.2%, which means your Social Security check will be larger than last year’s.
When will I receive my Social Security payment in July?
Payments will be sent out on July 10th, 17th, and 24th. The exact date depends on your birthday.
How can I get the maximum Social Security payment?
To receive the maximum payment, delay your retirement until age 70 and have high earnings throughout your career.
Who is eligible for Social Security benefits?
Workers who have paid into the system, people who are disabled, and surviving spouses and children of deceased workers are all eligible for benefits.
Do I need to do anything to get the COLA increase?
No, the COLA increase will be automatically included in your Social Security check.